The 14 Richest Families In KENYA 2022...

[Music] foreign with a gross domestic output of about 120 billion dollars as of 2021 up from just above 70 billion dollars in 2017. Kenya has the largest economy in the east African Community and the third largest economy in sub-Saharan Africa when sub-Saharan African nations are ranked by GDP Kenya comes in third place just behind South Africa and Nigeria with such a high GDP the economic benefits are trickling down on regular everyday Kenyans in 2021 the number of high net worth individuals in Kenya increased to 3232 and is set to keep Rising by another 27 percent in the next five years but today we want to direct our Focus toward a different set of people in Kenyan Society we're talking about Kenya's wealthiest families this list contains so many obvious candidates but don't be too sure because we can bet you there'll definitely be a few surprises as even some politicians are chilling with the big boys here are the 14 wealthiest families in Kenya [Music] 14. the Patel family it's safe to say if your last name is Patel in Kenya then you're already a wealthy heir balupai Patel is one of the wealthiest self-made businessmen entrepreneurs and philanthropists in Kenya his Investments include Transworld safris limited's tour company which he wholly owns and serves as the managing director balupai Patel invests predominantly in Blue Chip businesses that pay regular dividends and have a history of sustained stock price appreciation similar to many high net worth investors at the Nairobi Securities Exchange he rarely sells his shares in these businesses he makes long-term Investments and occasionally increases his Holdings when a price decline occurs additionally he is Diversified into a number of economic areas including manufacturing banking Insurance telecommunications and the building industry he has a net worth of over 30 million dollars he also serves as a non-executive director at Pan-Africa Insurance the largest non-institutional shareholder he also maintains significant shareholding in Barclays Bank Kenya bamberry cement carpeted Investments Diamond Trust Bank group and safaricom 13. the nakuni family Titus nakuni is one of the wealthiest Kenyans which of course makes his family wealthy as well he works as a mechanical engineer entrepreneur and executive for a company in Kenya he joined the megany's soda company in 1979 as a trainee engineer and Rose to the positions of managing director of that company in 1995 and managing director of the mcgetti Railway company nikuni was a member of the Dream Team a group of Kenyan technocrats supported by the World Bank between August 1999 and March 2001. the government hired these technocrats to revive the economy in addition to being a member of the Kenya Airways board nakuni held the position of permanent secretary in the Ministry of Transport and Communications in April 2001 he went back to mcgady's soda company where he remained as managing director until he was hired by Kenya Airways in February 2003. nikuni has a wealth of boardroom expertise from his time on numerous corporate boards including those of bronerment Kenya power and lighting company and Housing Finance Company Limited in 2002 he was presented with Kenya's manager of the Year award nikuni has amassed wealth for his family and has managed to rank among Kenya's richest people his total net worth is 140 million dollars 12. the macharia family Samuel camo macheria of the Materia family popularly known as SK Materia is another self-made businessman and media Mogul who owns numerous English kiswahili and vernacular stations including Citizen TV Kiss radio Jambo ramogi and more these stations collectively make the Royal Media Company one of Kenya's most successful media companies 1942 saw the birth of Materia in Enda Canyon Village nearing a county he was the second child and had three sisters his parents were colonial workers on British settler plantations while living as squatters in subukia when Materia was five years old his mother passed away his father attempted to find work after the family relocated to a Russia Tanzania but was unsuccessful the young Materia traveled long distances in quest of greener pastures while remaining in the company of Maasai herdsmen Purity gethony macharia is his wife and together they have six kids two girls and four boys gethony is related to miser githi Mugo a professor at Syracuse University and former Kenyan cabinet minister injeru githi for his 79th birthday his wife allegedly gifted him a 2021 model Range Rover which was a modest addition to his Fleet of porches and rolls royces SK has also tried his hand in agriculture real estate transport and banking his total net worth is estimated to be 150 million dollars he is said to be an all-rounder as his Investments are found in all major companies in Kenya 11. the my knee family this family's name is unmarked as one of the richest families in Kenya with a net worth of upward of 170 million dollars thanks to James and wangi James M Wendy is a businessman Banker group managing director and group Chief Executive Officer of Equity Group Holdings Limited a doctor of Business Administration from Kenya Methodist University a doctor of Humane letters from Kenyatta University and a doctor of Entrepreneurship from the Jomo Kenyatta University of Agriculture and Technology are among the five honorary doctorates that M wangi possesses along with his Doctorate in letters from Africa Nazarene University and his doctorate in business management from mayor University of Science and Technology nyd is recognized for democratizing financial access in his capacity as CEOs of Equity Group Holdings plc mwangi was listed as one of the top 20 most influential Africans and one of the top 50 thinking leaders of developing markets in 2009 by the financial times from 2007 until 2019 he served as the kenyavision 2030 delivery boards founding chairman with the responsibility of ensuring that Kenya achieved middle income status by 2030 and had excellent living standards and wenge also serves as the college's current Chancellor for Science and Technology at Mary University M90 and his wife own Equity Group Holdings Limited and British American Insurance Company Limited these roles make the family one of the wealthiest in Kenya 10. the odinga family this family headed by raila odinga is worth 250 million dollars raila odinga is popularly known in Kenya as the father of modern democracy and prime minister or Baba since 2013 he has been regarded as Kenya's opposition leader under President Jomo Kenyatta his father jeremogi ajima ochinga odinga served as Kenya's first vice president which just might be justification for his obsession to be president daddy issues may be a play here social democracy is a broad term that may be used to describe odinga's political philosophy this ideology is more in line with American left-wing politics he initially supported a constitution giving executive powers to the Prime Minister demonstrating his support for a parliamentary system however he then switched to a presidential system with a devolved power structure which is reflected in Kenya's current constitution 9. the manga family this family is worth 280 million dollars with the majority of it amassed by Peter Munga Peter Munga is the group chairman of the Equity Bank group one of the biggest banks on the African continent with a customer base of over 9.3 million people manga established the Equity Building Society often known as EBS in his village of kanjama in the central Highlands of Kenya in 1984. with just one hundred dollars as startup money he persuaded the Kenyan government to Grant him a license James M Wendy then 31 years old was engaged by manga in 1993 as the chairman and chief executive officer of EBS to dissolve the bankrupt company EBS was losing sixty thousand dollars each year and had incurred three hundred eighty thousand dollars in losses overall as Director of Finance at EBS nyd started to implement improvements which led to the society's slow but steady turnaround the same year manga left her position as an assistant secretary in the Kenyan Ministry of water EBS changed its name to Equity Bank group on August 31 2004 and two years later it was listed on the Nairobi Stock Exchange the bank stock was cross-listed on the Uganda Securities Exchange on June 18 2009 and it began trading on that date under the ticker ebl hate the ethelshaw family the Shah family headed by the popular edible Shaw is worth 290 million dollars atal Shaw was raised in difficult circumstances and was born in 1961 in nandy Hills Kenya the family moved to nakuru when at all was four years old in 1965. mangol Shaw atoll's father founded a retail closed store next to the nakuru Open Air Market after moving to Kenya from India in 1947. vimal antol's older brother began working for the company in 1970. mangle started sending garments to Uganda in 1975 frequently on loan antol's father filed for bankruptcy at the end of 1976 as a result of late payments and money demands from creditors after their father's business was shut down until Shaw and his brother vimal shot opened a closed store called fermats where they sold bed linens that they had sowed at home among other items the two sons and their father were able to pay off the loan in 1978 as a result of a thriving business fueled by the East African coffee Boon of the 1970s when their Uncle moved to the UK he sold them his nakuru mattress he presently serves as the managing director and CEOs of nakumatt Holdings with more than 7 000 people on its payroll and yearly sales of well over 650 million dollars nakumat was one of the biggest privately owned supermarkets in Kenya Uganda Tanzania and Rwanda 7. the kurubai family the late businessman industrialist and philanthropist Chris karubai was a person with numerous facets to his personality and professional life but before he passed he left his family with cash and assets worth 400 million dollars he was the chairman of Cinema Investment Company Limited where he also held the majority of the individual shares he is also the most well-known Mall owner in the East Two Rivers Mall was formerly located in central Africa among kurubai's Investments were but are not limited to investment firm sentim the company's stock is listed on both the Nairobi Stock Exchange and the Uganda Securities Exchange with Chris karubai being the largest individual shareholder he was the sole owner of Kenyan household products producer hako Industries limited the family owns and controls several companies including 98.4 Capital FM Nairobi bottlers limited DHL expressed Kenya limited karuna International lended haco Industries Kenya limited Sandvik East Africa lended and international house Limited foreign family the late noshad murali was a businessman and industrialist who founded the French media conglomerate vivendi and the Kenyan mobile service provider kenzel he leaves behind his businesses under the control of his family this family is worth 550 million dollars nashan murali was the head of Samir group a Kenyan conglomerate with operations in finance real estate information technology Agriculture and construction he formally served as the chairman and biggest individual shareholder of Barney erdle's Canyon operations but in 2014 he sold his shares and left the board of directors of the business all of his fortunes are succeeded by his children Yasmin and Samir murali his son is the CEO of Samir Investments and chairman of rice East Africa and nandy T Estates 5. the Benji deparsha family this Kenyan family is worth 700 million dollars Benji de parshan is the founder and current chairman of the bitco group of companies in 1931 he was born in Cairo Egypt he made nyeri his home and started a gas station there he founded the clothing manufacturer of bitco Industries Limited in 1970. the company started making soap in 1985. northeast of Nairobi Kenya's capital in thika bidco established an edible oil manufacturing facility and relocated its International headquarters there in 1991. the bitco group of companies is a family-owned manufacturing conglomerate with operations in 13 African nations with its headquarters in Kenya 4. the biwa family the biwot family is worth 1.1 billion dollars this family is a rich and comfortable family and they are one of the most recognizable families in Kenya the family was established by late Nicholas B what a businessman politician and philanthropist who styled himself as the total man he served in various capacities in various agencies of the government and made several business Investments during his lifetime and so when he passed in 2017 he left everything to the care of his family some of his Investments include Premier group of companies borrow some investment and EA Center he also has a large stake in the National Milling Corporation he committed a lot of money towards philanthropy and his family continues to honor that commitment three the shandaria family the proprietor of the comcraft group of companies which produces steel plastic and Aluminum Products is manusinderia Manuel premchand shindaria in 1915 shindarius father an Indian businessman from saurashtra hugerat emigrated to Kenya to open a grocery store on nairobi's by Charlotte Boulevard shindaria was raised in a house shared by three families in the ingara neighborhood of Nairobi where he helped his father out in the store despite not having been born with a silver spoon in his mouth shandaria has acknowledged that there were spoons in the home his own business interests are wide-ranging and cover the whole Kenyan economy as well as the economies of 50 other nations he argues for the idea that enterprises should consider profit as a means not an end in a recent interview with the Harvard Business Schools creating Emerging Markets project shandaria whose net wealth is estimated at 1.7 billion dollars also owns a real estate company and runs comcraft in more than 11 African nations two the Kenyatta family the Kenyatta family is one of the richest families in Kenya they are worth at least 2 billion dollars and have land estimated to be equivalent to a whole province Jomo Kenyatta is the founding president of the country most analysts usually list the matriarch mama in China Kenyatta and her son president yuviru Kenyatta separately but since we are looking at Family wealth in Kenya the kenyattas could possibly top the list Mama Kenyatta holds lands amounting to around 115 000 hectares she also holds two tea plantations at matu and mangu and other farms near the Tanzanian border Mama kenyana also controls several companies including Brookside Dairy media Max limited and Heritage group of hotels her son yuhiru Kenyatta who is incidentally president of Kenya is worth around 500 to 700 million dollars and he has several interests in real estate banking hospitality and Technology one the Moi family with an estimated net worth of three billion dollars the late president Arab Moss family is the wealthiest in the nation they own a number of businesses and have made investments in practically every Market in Kenya the International Center for settlement of investment disputes founded in October 2006 that Moi had accepted a bride from a Pakistani businessman in order to provide a monopoly of duty-free shops at the nation's international airports in Mombasa and Nairobi Ali Nassir a businessman is alleged to have given what two million dollars in cash to secure approval from the government for the world duty-free limited project in Kenya on the 31st of August 2007 Wikileaks published a secret report that laid Bara web of shell companies secret trusts and frontman that his Entourage had used to funnel hundreds of millions of pounds into nearly 30 countries ma was linked to the Goldenberg Affair and related cover-ups in the 1990s in which the Kenyan government heavily subsidized gold exports greatly exceeding the exporters foreign exchange revenues since Kenya has very little gold the gold in this instance was smuggled from Congo Kenya lost money through the Goldenberg Affair that was equal to more than 10 percent of its annual GDP so with all of these it is quite obvious to see where all the Moi family's Fortune comes from and they are at the top of our list today if you have any suggestions on which family deserve to be put on the list but wasn't please let us know in the comments below also if you enjoyed this video definitely don't forget to leave a like as well as subscribe if you haven't already thanks for watching and see you in the next one

Channel: The New Tourist

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Id: Ifl7wpmZn-E

Length: 19min 3sec (1143 seconds)

Published: Fri Jul 29 2022